Virgin Atlantic profits plunge from £32.6m to £3.5m
Virgin Atlantic Ltd operating profits have crashed from £32.6m to £3.5m, according to accounts filed by the airline and reported in the Financial Times.
Virgin Atlantic Ltd comprises the airline, Virgin Holidays and a 49% stake in Virgin Nigeria Airways and while in the year to the end of Feb 2007, group turnover increased by 16% to £2.2bn, with pax breaking through the 5m barrier at 5.3m, operating profit came in at £3.5m compared with £32.6m.
However, Virgin Nigeria accounted for operating losses of £39.8m, following on from the £32.9m deficit it chalked up in the year to end-Feb0.
The steep fall in profits prompted the Financial Times to suggest that Singapore Airlines, owner of a 49% share of Virgin Atlantic Ltd, is reviewing the the future status if its holding.
Branson has previously said that Virgin Group has ‘first refusal’ on Singapore’s stake.
Report by The Mole
John Alwyn-Jones
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Singapore to forbid entry to undesirable travelers with new no-boarding directive
In Italy, the Meloni government congratulates itself for its tourism achievements